Basil Read Holdings Limited (JSE:BSR) News - Update to the Basil Read Limited Business Rescue Plan Basil Read Holdings Limited Incorporated in the Republic of South Africa Registration Number 1984/007758/06 Share Code: BSR ISIN: ZAE 000029781 (“Basil Read Holdings” or “the company”) UPDATE TO THE BASIL READ LIMITED BUSINESS RESCUE PLAN Shareholders are referred to the announcement released on SENS on 30 July 2021 in relation to the Business Rescue proceedings for Basil Read Limited (“BRL”), a subsidiary of the Company. Given that the Business Rescue proceedings of BRL have not been concluded within three months of the commencement thereof, the Business Rescue Practitioners (“BRPs”) publish a monthly update report in terms of section 132(3)(a) of the Companies Act 71 of 2008 (“Companies Act”). In this regard, eighteenth to the twentieth update reports are available on www.matusonsassociates.co.za/basilread/ along with the Business Rescue Plan and these Update Reports should be read in conjunction with the Business Rescue Plan. These latest reports indicate the following: 1. The Group continued operating steadily despite Covid-19 challenges and has implemented health protocols to limit the of virus. 2. There remain three (3) construction contracts in the defects liability period and the anticipated end date as follows: 2.1. Umgeni Water (Rosetta Water Treatment Works) – March 2022; 2.2. TCTA (Olifants River Water Resources Development Project – Phase 2) – November 2021; 2.3. Eskom (Various Medupi Projects) – December 2021. 3. BRL, through a joint venture partnership, has entered into commercial negotiations to conclude a contract in the civils construction area. 4. The aggregate contingent liability in the form of construction guarantees have been reduced to R81 million versus R1.1 billion at the beginning of the rescue proceedings. 5. BRL continues to pursue contract claims as it relies heavily on claims proceeds to meet its commitments. Although there has been considerable progress in obtaining favourable rulings with respect to certain of these claims, some Employers continue withholding payments necessitating additional legal action to enforce the rulings. Thus, the timing of receipts of funds for these claims remains uncertain. 6. The BRPs have reported no further developments in the realisation of the non-core assets given the prevailing depressed economic conditions domestically and globally because of the Covid-19 pandemic. 7. The business rescue practitioners remain of the view that a full implementation of the Business Rescue Plan will achieve a better result than a liquidation. 8. From a Basil Read Holdings Limited perspective, the implementation of the Business Rescue Plan of Basil Read Limited continues. However, its effect at a group level remains uncertain until it is completed. Therefore, the suspension will remain in place until the implementation is complete and the effects on the group can be determined. 9. Due to the ongoing business rescue process of BRL, the Company will not be in a position to release financial results for the six months ending 31 December 2020. Bedfordview 15 November 2021 Company secretary Emmaus Holdings (Pty) Limited JSE Sponsor Grindrod Bank Limited Date: 15-11-2021 04:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.